All major stock indexes were lower by around 2% or more at the open, and have kept falling since then, with all but a couple down by more than 3% as of 10:10 a.m. GMT (5:10 a.m. ET). The CAC 40 in France, and the FTSE MIB in Italy are the biggest losers.

Right now Italy’s benchmark is trading down by around 3.3% to 18,250 points, while the CAC has dropped 3.4%, or roughly 145 points.